HONG KONG, July 20 (Reuters) - Asian shares were poised fortheir biggest weekly gain since January, though they eased onFriday as worries about the euro outweighed strong U.S.corporate earnings that lifted the S&P 500 to a 2-1/2 monthhigh.

European stock futures were indicating a weak open with theEurostoxx 50 futures and the DAX futures down0.1 percent and CAC 40 futures off 0.3 percent. S&Pfutures were down 0.4 percent.

Oil prices eased after hitting an eight-week high overnightas Middle East tension stoked supply concerns, while a rally insoft commodities has seen corn and soybean prices soar to recordhighs due to a worsening U.S. farm-belt drought.

The euro fell against the dollar and hovered near arecord low versus the Australian dollar on Friday, undermined byworries about Spain woes and recent falls in shorter-term eurozone interest rates.

Weak demand at a bond auction pushed Spain's 10-year bondyield above 7 percent on Thursday for the first time in morethan a week.

The MSCI Asia Pacific ex-Japan index fell0.2 percent but is up 2.3 percent on the week.

"We've had a reasonably good week for equities and there'ssomething of a shift in terms of what people are looking at,"said Christian Keilland, head of trading at brokerage BTIG inHong Kong.

"There's obviously some rotation into the tech sector andeveryone's looking at the agriculture space to see how that mayaffect things."

NET OUTFLOWS THIS WEEK

There was evidence suggesting some investors were sellinginto strength with regional funds seeing net outflows of $63.3million compared with the prior week's inflows, according toCitigroup.

Cyclical markets such as Korea and Taiwan led the outflows,Citigroup said.

Shrinking factory activity in the U.S. mid-Atlantic regionand more evidence of sluggish job growth has kept investors inexport-reliant Japan wary about the impact of soft U.S. data oncorporate earnings.

Financials were also under pressure with Mitsubishi UFJ down 3.4 percent after shares of Morgan Stanley,in which the Japanese bank owns a stake, tumbled as it reporteda drop in revenue.

Banks remained under pressure in South Korea in the wake ofa domestic rate-fixing probe that follows investigations intothe suspected manipulation of the Libor international benchmarkin other major economies.

A group of banks being investigated in an interest raterigging scandal are looking to pursue a group settlement withregulators rather than face a Barclays-style backlash by goingit alone, people familiar with the banks' thinking said.

SOFT COMMODITIES

Grain prices pushed to record highs overnight as scatteredrains in the U.S. Midwest did little to douse concerns over theworst American drought in half a century or relieve worriesabout higher food prices.

Corn for September delivery at the Chicago Board ofTrade set a record high of $8.16-3/4 a bushel, while soybeansfor August delivery also set a record high of $17.49.Wheat for September rose 4 percent at $9.35 and set afour-year high.

Spot gold hovered near $1,580 an ounce on Friday,retaining gains from the previous session as weak U.S. economicdata kept alive hopes for more monetary stimulus from thecentral bank, which would drive investors to bullion.

U.S. crude was down 0.8 percent while Brent futuresfor September delivery were off 0.4 percent.

Oil prices have soared 20 percent over the past month.

In the Middle East, a mid-week attack that claimed the livesof top officials in Syrian President Bashar al-Assad's innercircle and a Bulgarian bus bombing that killed Israeli tourists-- an act Israel blamed on Iran -- reinforced fears that oilshipments could be disrupted.